Latest News- Industrial Wireless Market in Process Industries: WLAN is expected to lead the Technology segment during 2024-2028

The Industrial Wireless Market in Process Industries is being driven by Reduction in installation and retrofit costs of wireless system

The Industrial Wireless Market in Process Industries is expected to grow at a CAGR of 13.29% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 2058.26 million. In the realm of process industries, wireless technologies have revolutionized business operations by enabling Machine-to-Machine (M2M) services for managing various aspects of industrial facilities. The adoption of advanced wireless solutions, such as wireless LANs, sensors, and wearable devices, has facilitated remote monitoring and seamless integration of multi-disciplinary industrial environments. These technologies generate valuable data in critical areas, empowering effective decision-making and performance measurement in control rooms and shop floors. The expanding scope of M2M interaction and connectivity is further fueling the adoption of wireless communication technology in process industries for optimized operations and enhanced productivity. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on segments_for_ai.nslist

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Reduction in installation and retrofit costs of wireless system
• Accelerating bandwidth requirements for upgrading existing networks
• Increasing focus on predictive maintenance

However, the market also witnesses some limitations, which are as follows:

• Growing security concerns with wireless networks
• Interoperability concerns with wireless technologies in process automation
• Increasing penetration of Power over Ethernet

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Market Scope in Industrial Wireless Market in Process Industries Research Report

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Research Analysis Overview

In the process industries sector, the Industrial Wireless Market is witnessing significant growth due to the implementation of advanced technologies such as vehicle fleet management, pressure monitoring, temperature monitoring, industrial automation solutions, and smart factory solutions. Additionally, smart lighting systems, automobile pollution management, automobile theft prevention, and vehicle health monitoring are gaining traction. Industrial IoT connectivity, wireless data acquisition, and real-time data monitoring are essential for operational efficiency, asset tracking, and predictive maintenance. Industrial cybersecurity, network security, and communication protocols are crucial for data security and sustainable transportation solutions. Autonomous vehicle development, connected vehicle technology, automotive safety systems, and predictive maintenance software are also driving market growth. Edge computing, industrial wireless standards, high-performance computing, and data analytics are key components of industrial networking. Low latency communication and industrial data management are essential for ensuring industrial IoT's success.

Market Research Overview

The Industrial Wireless Market in process industries is a segment of the global Communications Equipment Market, encompassing wireless HART technology and automotive applications within the Information Technology sector. This market comprises manufacturers of wireless communication equipment for process industries, including vehicle health monitoring systems and predictive maintenance solutions. Technavio's calculation of the Communications Equipment Market size includes revenues from sales of communication equipment, broadcasting equipment, and telecommunication equipment, as well as investments in communication infrastructure. Notably, this market excludes revenues from cellular phone manufacturers, which fall under the Technology Hardware, Storage, and Peripherals sub-industry. Key areas of focus within this market include improving industrial automation through wireless technologies, optimizing vehicle health monitoring in automotive applications, and implementing predictive maintenance strategies to minimize automobile pollution and meet changing demand.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
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